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Shares of Country Garden ended sharply higher on Wednesday after a report that the Chinese government wanted Ping An Insurance to take control of the company.
Country Garden shares 2007, +12.16% ended 12% higher, while Ping An 2318, -5.41% stock fell 5%, following the Reuters report, which cited two people sources with direct knowledge of the matter. Ping An denied the report. “The company hereby solemnly declares that the Reuters story is untrue, and that it has not received such requests from any relevant government departments/agencies,” Ping An said Wednesday.Last month, Country Garden was reported to have missed an interest payment on a dollar-denominated bond.
Country Garden had 3,121 projects in Mainland China as of the end of 2022, financed by $50 billion in debt.
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